CFPB issues final rule on personal financial data rights

The Consumer Financial Protection Bureau issued a final rule regarding personal financial data rights established by the Consumer Financial Protection Act of 2010. The final rule will mandate that banks, credit unions and other financial service providers securely provide consumers’ data to them or authorized third parties upon request.

The final rule will also establish obligations for third parties accessing consumer data, including key privacy protections, and encourage fair and open industry standards. It will take effect 60 days after its publication in the Federal Register. See more on the CFPB’s final rule here.